The Philippine Stock Exchange index (PSEi) closed slightly higher Thursday, Sept. 11, as investors maintained a wait-and-see stance ahead of the US inflation report for August.
The main index added 6.8 points, or 0.11 percent, to finish at 6,126.89. While the Banks and Services sectors advanced, more counters declined. Volume dropped to 3.09 billion shares valued at P5.79 billion, with losers edging out gainers 101 to 100, and 46 unchanged.
“The market stayed flat but edged slightly higher as investors await key catalysts for a decisive move. Lower bond yields provided some support, though weak trading volumes suggest sentiment remains cautious,” said Luis Limlingan, Managing Director at Regina Capital Development Corporation.
He noted that Wall Street had closed mixed the previous Wednesday, with the broader market “propelled by a surprisingly encouraging report on wholesale inflation.” This news, he added, “bolstered expectations that the central bank may find more room to act to stimulate the economy.”
Philstocks Financial Research Manager Japhet Tantiangco said the local market posted gains “on the back of bargain hunting.” He added that investors also cheered the 0.1 percent deflation in the US’ August producer price index (PPI), as it “strengthens the case for a Fed rate cut in their upcoming meeting.”
According to Rizal Commercial Banking Corp. Chief Economist Michael Ricafort, the PSEi was “slightly higher as global market sentiment was supported lately by slower or better-than-expected US producer prices (PPI) data.”